Video: Data Analytics

In this lesson, Nick Palazzolo, CPA, breaks down the multifaceted world of data analytics, providing a clear explanation of its various forms, from descriptive to prescriptive analytics. He highlights the relevance and critical nature of data in business, showing how companies can minimize risks associated with data analysis. Nick demystifies each analytic type, from descriptive, which summarizes what has happened, to diagnostic, which digs into why things occurred. He continues to explain predictive analytics, which uses past data to forecast the future, and prescriptive analytics, which outlines steps to achieve specific outcomes. To round out the lesson, Nick delves into the concept of 'big data', notably the five Vs—volume, value, velocity, variety, and veracity—making the case for why understanding these dimensions is crucial for properly harnessing the power of data in today’s business landscape.